Introduction
WeLab Bank Hong Kong is a fully digital virtual bank based in Hong Kong, licensed by the Hong Kong Monetary Authority (HKMA). It is a subsidiary of WeLab Holdings Limited, a leading fintech company in Asia. WeLab Bank aims to deliver a personalized, intelligent banking experience that helps customers manage, save, and grow their money through a mobile-first platform. The bank provides a range of banking services and products, targeting individual consumers and small businesses who seek a seamless, technology-driven banking experience.
Personal Banking Services
Accounts and Deposits
Savings Accounts:
WeLab Bank offers the “GoSave” time deposit account, which is a flexible savings product designed to help customers earn higher interest rates on their deposits. The GoSave account offers competitive interest rates, with the flexibility to start with as little as HKD 10. Customers can enjoy up to 4% p.a. interest rate, depending on the amount and tenure of the deposit. The GoSave account is designed to be easily managed through the WeLab Bank mobile app, providing users with real-time updates and the ability to set and track savings goals.
Current Accounts:
WeLab Bank provides a core banking account known as the “WeLab Core Account,” which acts as the primary account for daily transactions. This account offers features such as seamless money transfers, bill payments, and the ability to link with various digital wallets. Customers can manage their finances through the mobile app, with facilities like instant notifications for transactions, setting up scheduled payments, and transferring money to other bank accounts. The account supports multiple currencies, ensuring ease of international transactions.
Time Deposits:
WeLab Bank’s “GoSave” time deposit accounts offer attractive interest rates for fixed-term deposits. Customers can choose from tenures ranging from 1 month to 24 months, with interest rates varying based on the term length. The GoSave time deposit accounts can be easily managed via the WeLab Bank app, providing users with flexibility in managing their savings. There are no minimum deposit requirements, making it accessible for all customers looking to grow their savings with higher returns.
Private Banking:
WeLab Bank does not currently offer private banking services. Its focus is primarily on providing digital banking solutions for individual consumers and small businesses.
Loans and Credit
Personal Loans:
WeLab Bank’s “GoFlexi” personal instalment loans are designed to provide flexible financing options for consumers. These loans range from HKD 10,000 to HKD 1,000,000, with tenures from 6 to 60 months. The GoFlexi loan offers a competitive Annualized Percentage Rate (APR) as low as 1.68%, with quick approval processes. Customers can use these loans for various purposes, including emergency expenses, large purchases, or debt consolidation. The GoFlexi-Link promotion allows customers to earn interest rebates on their Core Account balances linked to their loan, enhancing financial management flexibility.
Home Loans:
WeLab Bank currently does not offer home loan products. Its primary focus remains on personal loans and deposit accounts tailored for individual and small business needs.
Credit Cards:
WeLab Bank provides a numberless debit card, which offers enhanced security and convenience. This card can be managed through the WeLab Bank mobile app, allowing customers to track their spending, set up transaction alerts, and make payments seamlessly. The card supports various payment methods, including contactless payments and online transactions, ensuring a smooth and secure user experience.
Investment and Wealth Management
Investment Products:
WeLab Bank offers “GoWealth” investment services, which include options to invest in mutual funds, bonds, stocks, and other financial instruments. The GoWealth platform uses advanced AI and portfolio simulation techniques to provide personalized investment advice, helping customers achieve their financial goals. The service offers diversified investment portfolios, catering to different risk appetites and investment horizons.
Wealth Management:
The GoWealth platform also provides comprehensive wealth management services, including financial planning, portfolio management, and retirement planning. The platform’s investment engine recommends model portfolios with the highest probability of success based on customers’ financial goals and risk tolerance. Customers receive ongoing advice and support from WeLab Bank’s financial experts, ensuring their investment strategies remain aligned with their long-term objectives.
Insurance
Life Insurance:
WeLab Bank does not currently offer life insurance products. The bank’s services are primarily focused on digital banking, personal loans, and investment management.
General Insurance:
Similarly, WeLab Bank does not offer general insurance products. Its primary offerings are centered around digital banking services and investment solutions.
Digital Banking
Online Banking:
WeLab Bank’s online banking platform enables customers to manage their accounts, transfer funds, pay bills, and access various banking services anytime, anywhere. The platform is designed to be user-friendly and secure, providing comprehensive banking solutions right at customers’ fingertips. Customers can perform a wide range of transactions, including checking account balances, reviewing transaction histories, and setting up recurring payments. The online banking system ensures maximum security with advanced encryption and authentication methods.
Mobile Banking:
WeLab Bank’s mobile app offers unparalleled convenience with features such as account monitoring, transaction alerts, and mobile payments. The app allows customers to access and manage their bank accounts on the go, providing real-time updates on account balances and transaction histories. Users can set up and receive instant alerts for transactions, ensuring they are always aware of their financial activities. The mobile payment feature enables customers to pay bills, transfer funds, and make purchases directly from their mobile devices. The app also supports quick and secure login options, including biometric authentication, to enhance security while maintaining ease of use.
Small Business Banking Services
Business Accounts
Business Current Account:
WeLab Bank does not currently offer dedicated business current accounts. The bank’s focus remains on providing digital banking services for individual consumers and small businesses through personal accounts and investment products.
Business Time Deposits:
WeLab Bank does not provide specific business time deposit accounts. The bank’s time deposit products are available for individual consumers, offering competitive interest rates and flexible terms.
Loans and Financing
Business Loans:
WeLab Bank does not offer dedicated business loan products. The bank primarily provides personal instalment loans through its GoFlexi product, which can be used by small business owners for various financing needs.
SME Loans:
WeLab Bank does not offer specific loans tailored for small and medium-sized enterprises (SMEs). Its primary loan product, GoFlexi, is available for individual consumers and can be used for personal or business-related expenses.
Trade Services
Trade Finance:
WeLab Bank does not provide trade finance services. The bank’s offerings are focused on digital banking and personal finance solutions.
Foreign Exchange:
WeLab Bank does not offer dedicated foreign exchange services. The bank’s core banking products and services are designed for domestic use, with limited support for international transactions.
Cash Management
Payment Solutions:
WeLab Bank offers digital payment solutions through its mobile app, allowing customers to make payments, transfer funds, and manage their finances seamlessly. However, the bank does not provide specific cash management solutions for businesses.
Receivables Management:
WeLab Bank does not offer receivables management services. The bank’s focus is on providing digital banking and personal finance solutions for individual consumers.
Digital Services
Business e-Banking:
WeLab Bank’s e-banking platform is designed for individual consumers, providing comprehensive tools for account management, fund transfers, and online payments. The platform offers real-time account monitoring, secure fund transfers, and the ability to pay bills and handle payroll services online. The e-banking solution ensures maximum security through advanced encryption and authentication methods.
Mobile Business Banking:
WeLab Bank’s mobile app provides mobile banking solutions for individual consumers, allowing them to manage their finances on the go. The app offers features such as real-time account monitoring, transaction alerts, and mobile payments. While the app is designed for personal use, small business owners can also benefit from its features to manage their financial operations efficiently.
Customer Support and Additional Services
Branch Network
WeLab Bank does not have a physical branch network, as it operates entirely online. Customers can access all banking services through the WeLab Bank mobile app and online platform. This digital-first approach allows the bank to offer a seamless and convenient banking experience without the need for physical branches.
Customer Service
WeLab Bank provides robust customer service through dedicated hotlines and online support. Customers can reach out to the bank for assistance with banking queries and issues via the customer service hotline or through the mobile app’s support feature. The bank offers support in multiple languages, ensuring accessibility for a diverse customer base. The customer service hotline is available 24/7, providing timely assistance for all banking needs.
Financial Education
WeLab Bank provides resources and tools to educate consumers about financial management and planning. The bank offers educational materials and guidance on topics such as investment strategies, wealth management, and risk assessment. Additionally, WeLab Bank’s financial advisors are available to offer personalized advice and support, helping customers understand complex financial products and develop sound financial plans. These educational resources are designed to help clients make informed financial decisions and manage their finances effectively.
Conclusion
WeLab Bank offers a comprehensive suite of digital banking services tailored to meet the needs of individual consumers and small business owners. From flexible savings accounts and competitive personal loans to innovative investment products and robust customer support, WeLab Bank provides a seamless and personalized banking experience. With its focus on digital-first solutions and customer-centric approach, WeLab Bank is well-positioned to serve the evolving needs of its customers in Hong Kong and beyond. For more information, please visit the official WeLab Bank website.